Oil’s value started growing again on Monday amid the news about a probable extension of OPEC+ deal after 2018.
Brent futures for March settlement rose to $ 68.74/bbl Monday morning, which is 13 cents or 0.19% higher than the previous value. At the same time, 1 contract cost dropped to $68.61/bbl on Friday evening at ICE Futures Europe, which is 7 cents or 1.01% lower than the previous value.
WTI futures for February settlement rose to $63.52/bbl Monday morning, which is 15 cents or 0.15% higher than the previous value. At the same time, 1 contract cost fell to $63.37/bbl on Friday evening at NYMEX, which is 58 cents or 0.91% lower than the previous value.
In total, Brent and WTI lost 1.8% and 1.5% over the last week, respectively. This has been the strongest fall for both marks since early October and early December last year, respectively.
At Sunday’s meeting OPEC+ participants admitted that the deal to cut oil production could be extended after 2018 against the backdrop of a recent price rise to $70/bbl. At the same time, Oman’s oil minister Mohammed bin Hamad al-Rumhi said it could be a new type of agreement among the participants, instead of an extension.